Effective September 13, 2013, H.B. 2324 provides that income from real property leases between two businesses with at least 80% common ownership is exempt from county privilege and municipal transaction privilege taxes. The new law expands the existing county and municipal exemption to affiliated companies, businesses, and persons. Arizona taxpayers, particularly REITs, with a significant amount of intercompany leases involving non-corporate entities should be aware that income from such leases may be exempt from these taxes.